Eurodollar Tests Key Support Levels

  • 7 Aug 2018

 

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USD/JPY

The USD/JPY pair has begun a bullish reversal which has resulted in the break of the ascending trendline. The break has been met with a slowdown in momentum and the pair has now broken the ascending trendline. Price action may target the 110.65 level next. Momentum indicators are neutral, stalling in moderately bullish territory.

 

 

 

 

 

EUR/USD

The EUR/USD pair has broken the 1.164 price level and is now testing the descending trendline which initiated the current long-term bearish trend. The pair is testing the 1.153 price level at the same time. MACD has fallen below the zero line and RSI is approaching oversold conditions.

 

 

 

 

 

GBP/USD

The GBP/USD pair continues to test the descending trendline and a moderate break in recent trading failed to fully develop. Momentum indicators are bearish and RSI has reached oversold conditions.

 

 

 

 

 

USD/CHF

The USD/CHF pair has failed to break the descending trendline once again and has returned to break the 0.993 price level, once again. Momentum indicators are turning more bullish; with MACD bouncing along the zero line and RSI breaking the default line.

 

 

 

 

 

USD/CAD

The USD/CAD pair has finally broken the 1.309 price level after a strong bearish move on 25th July. The pair has also broken, the 1.302 price level and is beginning to test the ascending trendline. Momentum indicators have a downward trajectory and MACD has just broken the zero line.

 

 

 

 

 

SILVER

Silver appears to be consolidating in a tight trading range though buyers are making another attempt at dominating price action. MACD has returned from strongly bearish conditions and appears to be undergoing a momentum reversal.

 

 

 

 

GOLD

Gold has reached oversold conditions and yet continues to test the descending trendline as a result of bearish moves in recent trading. Momentum indicators remain strongly bearish although RSI has broken the 30 support level to the upside.

 

 

 

 

 

OIL

The 68.84 price level appears to be a sticking point for WTI in recent trading. Price action appears likely to trade in the range between between the 66.13 and the 68.84 price levels. Momentum indicators are moderately bearish.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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